Social Value Measurement Methods for Ports

Abstract

Port facilities are amongst the most important points of the maritime industry. The valuation literature evaluates industrial facilities and their assets from an operational point of view, but by nature, ports locate on coastal areas and have "social value" due to this feature. Although the literature on the valuation of natural resources does not define the value it calculates as social value, this value is indeed social value when evaluations made in terms of the features it shows and the data sources used. The aim of this study is to reveal the scientific methods that can be used to determine the social value of a port and to contribute to the existing methods classifications with an industrial perspective. In this study, a proposal has been developed for the port facilities by emphasizing the social aspects of existing total economic value approaches. The most appropriate method for the port valuation is the Contingent Valuation Method (CVM) and it is regarded as the tool under the "Stated Preferences" methods. The results can be used as a source for scientists, policy makers, decision makers and investors on port industry. Determining the methods to be used for measuring the social value of a port and determining the steps to be taken to calculate this value can be regarded as the contributions to the mentioned parties.